Forever Home Fund

katep23

December 2014
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

4th September 2018
Mortgage £312,264

Total paid off capital in last two months: £3,956.37
Total paid off capital: £34,330

MOS: £0

LTV: 69.39%

katep23

Long time since I've posted. Been very spendy few months and run up the credit cards (all 0%) so focussing on those but still OPing the mortgage by £500 per month.

OH asked if we should consider suspending this for the time being but we can reduce our payment and/or take a payment holiday to the value of our OPs if we need to so I'd rather not as I know we wouldn't increase the monthly payment back up.

As we are not paying interest on our CCs it makes more sense to keep OPing the mortgage as long as we can pay back the CCs before the 0% period ends (we can!)

katep23

December 2014
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

October 2018
Mortgage £310,947.13

Total paid off capital last month: £1,317.50
Total paid off capital: £35,647.87

MOS: £0

LTV: 69.1%

katep23

December 2014
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

2nd November 2018
Mortgage £309,604.80

Total paid off capital last month: £1,342.33
Total paid off capital: £36,990.20

MOS: £0

LTV: 68.8%

katep23

We're below £310k!

Next milestone is sub £300k which should be July next year but may see if I can OP enough to bring that forward to June when it's my birthday!

katep23

December 2014
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

4th December 2018
Mortgage £308,271.73

Total paid off capital last month: £1,333.07
Total paid off capital: £38,323.27

MOS: £0

LTV: 68.5%

Betterthanever

Superb progress. I like using the LTV as a measure too! You'll soon be under the £300k Mark!

katep23

December 2014
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

3rd January 2019
Mortgage £306,955.61

Total paid off capital last month: £1,316.12
Total paid off capital: £39,639.39

LTV: 68.21%

katep23

So every month we are decreasing LTV by around 0.3%.

Looks like we need to OP around £500 to get below £300k by June.

katep23

Been very remiss with this diary but focus is still on paying off 0% cards so making our standard OP but nothing else to report.

OH raised the subject again recently of reverting to standard payments but we can under pay / take payment holiday to value of OPs if we need to so would rather keep it as is.

The debt is coming down quickly and is all on 0% until 2020 and we should clear it all by end of this year if not before so there is no benefit to prioritising the debt over the mortgage.